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Vitol forecasts 1.5M bpd oil demand drop
Vitol Company expects global oil demand to decline by 1.5 million barrels per day in 2026, amid challenges in the petroleum products market caused by supply shortages resulting from declines in Russian and Eastern Region supplies. CEO Russell Hardy noted that the crude oil market is in a relatively better state, despite unsustainable expectations of China's crude oil imports increasing by 5 to 6 million barrels per day between 2025 and 2026. This increase is attributed to improved flow through the Strait of Hormuz, reaching about 10 million barrels per day. Markets have also shown signs of shortages in petroleum product supplies, while challenges continue to grow due to the loss of large quantities of supplies from key production regions.
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